SYDNEY, Jan. 22 (UPI) -- Australian shares fell more than 7 percent Tuesday, wiping nearly $95 billion from the market's value.
In the biggest one-day rout since October 1987, the All Ordinaries Index fell 409 points, or 7.26 percent, to 5,222, and the ASX 200 slumped 394 points to 5,187.
The gloom among investors, already spooked by fears of the U.S. economic slowdown spreading across global markets, was darkened by billionaire investor George Soros declaring the world is facing the worst crisis since World War II.
Hardest hit in trading Tuesday were the major mining companies and retail and investment banks.
With the price of base metals slumping, Rio Tinto shed 11.6 percent to close at $86.63 and BHP Billiton dropped 6.9 percent to $26.60.
The ANZ Bank suffered a 7.1 percent loss in value, with shares down to $20.88 but the Commonwealth Bank lost a relatively meager 3.8 percent.
In the property sector, Centro lost 14 percent while its related company, Centro Retail Group, fell 25 percent.
The price of West Texas crude oil slipped to $85.95 a barrel and spot gold traded at $859 an ounce.
The Australian dollar also dipped to 85. U.S. cents, 91.22 Japanese yen, 44.3 British pence and 59.53 euro cents.
